本文選題：投資銀行 + 企業(yè)并購��； 參考：《西南財經(jīng)大學(xué)》2012年碩士論文

【摘要】：投資銀行是一種金融中介機構(gòu),主要從事證券發(fā)行、證券承銷、證券經(jīng)紀(jì)、企業(yè)并購、投資管理等業(yè)務(wù)。在發(fā)達(dá)國家,企業(yè)并購業(yè)務(wù)已經(jīng)成為投資銀行的核心業(yè)務(wù),獲得的收入占總收入的比例越來越大,而原來的證券基礎(chǔ)性業(yè)務(wù)收入所占比例越來越少。最近幾年,雖然我國資本市場變化巨大,企業(yè)并購的規(guī)模和數(shù)量也與日俱增,但是有投資銀行參與的還是少數(shù),大多數(shù)行為仍是以政府主導(dǎo)或企業(yè)自發(fā),所以我國投資銀行的并購業(yè)務(wù)有很大的發(fā)展?jié)摿Α?2008年,美國次貸危機爆發(fā),隨著這場危機的不斷擴散與蔓延,最終演變成了波及全球的國際金融危機。盡管本次金融危機對投資銀行產(chǎn)生了不利的影響,讓美國頂級的投行破產(chǎn)或被收購,投資銀行業(yè)務(wù)也需要更規(guī)范化的發(fā)展,但投行業(yè)務(wù)不會消失,因為市場對企業(yè)IPO、并購顧問等業(yè)務(wù)的需求依然非常旺盛,需要有中介性服務(wù)機構(gòu)幫助企業(yè)上市,對企業(yè)進行分析估值及實現(xiàn)并購重組。 本文從我國資本市場的實際出發(fā),通過研究西方和我國投行的發(fā)展歷程、現(xiàn)狀趨勢和典型案例,分析我國投行的發(fā)展趨勢及其方向,在此基礎(chǔ)上,結(jié)合相關(guān)的經(jīng)濟學(xué)和管理學(xué)理論,研究了我國投資銀行參與企業(yè)并購的理論與方法,最后提出了對策建議。 本文主要分五個部分進行研究： 第一部分是導(dǎo)論,本部分提出論文的研究背景、研究目的和意義,并進行文獻綜述,提出本文的創(chuàng)新與不足。研究背景主要是我國投行并購業(yè)務(wù)發(fā)展相對落后以及國際金融危機的爆發(fā)。研究目的與意義有三點：一、指出發(fā)展企業(yè)并購業(yè)務(wù)是我國投資銀行的發(fā)展方向；二、為我國投資銀行參與企業(yè)并購出謀劃策；三、為制定相關(guān)法律法規(guī)提供理論依據(jù)。文獻綜述部分主要是關(guān)于投資銀行參與企業(yè)并購的理論綜述。 在本部分的最后介紹了整個論文的邏輯結(jié)構(gòu)、創(chuàng)新點與不足,本文有以下創(chuàng)新點：1、提出了本次金融危機對投行并購業(yè)務(wù)的影響。金融危機雖然對美國頂級投資銀行產(chǎn)生不利的影響,很多人認(rèn)為投資銀行會由此衰落,其實不然,投行業(yè)務(wù)不會消失,因為對全球IPO、并購顧問等業(yè)務(wù)的需求依然存在,依然需要投資銀行的大力參與。2、由于國內(nèi)很多券商還未涉及此項業(yè)務(wù),國內(nèi)相關(guān)的案例數(shù)據(jù)較少,所以提出了要建立并購案例的數(shù)據(jù)庫,與其他中介機構(gòu)如咨詢公司等實現(xiàn)法律允許范圍內(nèi)的數(shù)據(jù)共享,會更有助于我國投資銀行并購業(yè)務(wù)的發(fā)展。 第二部分是投資銀行參與企業(yè)并購的必要性。投資銀行參與企業(yè)并購,首先,是因為企業(yè)并購客觀需要投資銀行的參與；其次,參與企業(yè)并購也是投資銀行自身發(fā)展的需要。然后對投資銀行在企業(yè)并購中發(fā)揮的作用進行了介紹,投資銀行在企業(yè)并購中可以起到降低交易費用、規(guī)避企業(yè)并購風(fēng)險、為企業(yè)提供融資服務(wù)、加速企業(yè)實現(xiàn)規(guī)模效應(yīng)的作用。 第三部分是投資銀行在企業(yè)并購中的角色分析。本部分分析了投資銀行在企業(yè)并購中的四種角色：作為買方代理參與并購、作為賣方代理選擇并購企業(yè)或?qū)嵤┓床①彺胧�、參與合同的談判確定并購條件、充當(dāng)融資顧問負(fù)責(zé)資金的籌措。 第四部分是我國投資銀行參與企業(yè)并購：問題與原因分析。與外國投行相比,我國投資銀行并購業(yè)務(wù)占整個投行業(yè)務(wù)的收入相當(dāng)小,絕大多數(shù)券商未設(shè)立并購業(yè)務(wù)部門。存在的內(nèi)部約束有：從事并購業(yè)務(wù)資金規(guī)模較小、收入結(jié)構(gòu)的阻礙、專業(yè)人才的缺乏等。存在的外部障礙有：資本市場發(fā)展滯后、產(chǎn)權(quán)制度不明晰、相關(guān)法制不健全等。 第五部分是經(jīng)驗與借鑒：中國投資銀行參與企業(yè)并購方略。本部分首先總結(jié)了發(fā)達(dá)國家投資銀行參與企業(yè)并購的經(jīng)驗和啟示,然后從自身和外部兩個方面對我國投資銀行如何進一步參與到企業(yè)并購中提出對策建議。一方面,要提高自身業(yè)務(wù)能力：業(yè)內(nèi)并購重組擴大規(guī)模、加強創(chuàng)新、加強人才培養(yǎng)、加強與國外投行的合作等。另一方面,要創(chuàng)造良好的外部環(huán)境：優(yōu)化資本市場、健全產(chǎn)權(quán)制度、健全相關(guān)法律法規(guī)等。 第六部分是我國投資銀行參與企業(yè)并購的案例分析。
[Abstract]:Investment bank is a financial intermediary , mainly engaged in securities issuance , securities underwriting , securities brokerage , enterprise merger and acquisition , investment management and so on . In developed countries , the enterprise M & A business has become the core business of the investment bank , and the proportion of the original securities basic business income has been increasing .

In 2008 , the U . S . subprime crisis broke out and eventually became the global financial crisis with the spread and spread of the crisis . Even though the financial crisis had a negative impact on investment banks , investment banking would need more standardized development , but investment banking would not disappear , as markets had a strong demand for businesses such as IPO and M & A consultants , and there was a need for an intermediary service provider to help companies go public , analyze valuations and restructure the M & A .

From the point of view of our country ' s capital market , through studying the development course , present trend and typical case of investment bank in the West and China , this paper analyzes the development trend and direction of investment bank in China . On the basis of this , the theory and method of Chinese investment bank ' s participation in enterprise merger and acquisition are studied in combination with relevant economics and management theory . Finally , some suggestions are put forward .

This paper is mainly divided into five parts :

The first part is the introduction , this part puts forward the research background , research aim and significance of the paper , and carries on the literature review , this paper puts forward the innovation and deficiency of this paper . The research background is mainly about the relative backwardness of investment and M & A business development in our country and the outbreak of the international financial crisis . The research purpose and significance are three points : 1 , it is pointed out that the development of the enterprise M & A business is the development direction of our investment bank ;
Second , to participate in the enterprise merger and acquisition strategy for our investment banks ;
The article provides a theoretical basis for the formulation of relevant laws and regulations . The review of literature is mainly about the theoretical review of investment banks ' participation in the merger and acquisition of enterprises .

At the end of this section , the logic structure , innovation point and shortage of the whole paper are introduced . The paper has the following innovation points : 1 . The paper puts forward the following innovation points : 1 . It puts forward the influence of the financial crisis on the investment bank M & A business . Although the financial crisis has a negative impact on the top investment bank of the United States , many people think investment banks will decline . Otherwise , the investment banking business will not disappear .

The second part is the need of investment bank to participate in the merger and acquisition of enterprises . Investment banks are involved in the merger and acquisition of enterprises . First , because of the objective need of investment bank participation ;
Secondly , taking part in the M & A is also the demand of investment bank ' s own development . Then it introduces the role of investment bank in the enterprise merger and acquisition . Investment bank can reduce transaction cost , avoid the risk of M & A , provide financing service for the enterprise and accelerate the effect of scale effect .

The third part is the role analysis of investment banks in the acquisition of enterprises . This part analyses the four roles of investment banks in the acquisition of enterprises : as the agent of the buyer to participate in the M & A , as the agent of the seller to choose the M & A enterprises or to implement the anti - merger measures , participate in the negotiation of the contract to determine the conditions of the acquisition and acquisition , and act as the financing consultant to be responsible for the financing .

The fourth part is that our investment bank is engaged in the merger and acquisition of the enterprise : the problem and the reason analysis . Compared with the foreign investment bank , our investment bank M & A business accounts for the whole investment banking business , the majority of the securities companies have not set up the M & A business unit . There are internal constraints : the capital market development lag , the property rights system is not clear , the related legal system is not perfect .

The fifth part is the experience and reference : China Investment Bank participates in the enterprise merger and acquisition strategy . This part firstly summarizes the experience and inspiration of the participation of the investment bank of developed countries in the merger and acquisition of enterprises , and then puts forward some suggestions on how to further participate in the merger and acquisition of enterprises from two aspects of self and external . On the other hand , we should create a good external environment : optimize the capital market , improve the property right system , perfect the relevant laws and regulations , etc .

The sixth part is the case analysis of the participation of investment banks in the merger and acquisition of enterprises .
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.3;F271

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